Stablecoin developer USUAL LABS has completed a $7 million financing round, led by IOSG and KRAKEN VENTURES, with participation from GSR, MANTLE, STARKWARE, FLOWDESK, AVI3, BING VENTURES, BREED, HYPERSPHERE, KIMA VENTURES, PSALION, PUBLIC WORKS, and X VENTURES, among others. The funds will be used to support the launch of its stablecoin USD0 on the Ethereum mainnet, expected to take place in the second quarter of this year. USD0 is a stablecoin backed by real-world assets. USUAL LABS stated that there will be no changes to the company's board of directors following this financing round, emphasizing its independence and commitment to decentralization. Additionally, USUAL LABS announced that the total value locked in USD0 has reached $75 million.

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<p>Shenzhen-based TechFlow reports that stablecoin developer Usual Labs has completed a $7 million financing round, with IOSG and Kraken Ventures leading the investment. Other participants include GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures.</p>
<p>It is reported that $7 million is the total funding raised by Usual Labs to date. A company spokesperson stated that the board of directors will not change after this financing round, as Usual Labs remains fully independent and aims to achieve decentralization of power.</p>
<p>USD0 is a stablecoin backed by real-world assets. Usual Labs plans to use these funds to support the launch of USD0 on the Ethereum mainnet in the second quarter of this year, which requires funding for the testnet phase and smart contract audits. Usual Labs also announced on Wednesday that the total value locked in USD0 is $75 million.</p>
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Usual Labs has completed a $7 million financing round, led by IOSG and Kraken Ventures.